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Homeownership in Retirement can be a Dangerous Prospect

Homeownership in Retirement can be a Dangerous Prospect

Joseph Coupal - Tuesday, July 17, 2018

Abberly Market Point, Greenville, SCDespite the benefits of homeownership, there's one huge drawback to owning property in retirement, and it's committing yourself to a variable expense while living on a fixed income. Even if your mortgage itself is paid off by the time you enter retirement, you'll still have property taxes to contend with. And those have a tendency to rise over time, even during periods when home values don't follow suit.

There's also maintenance and repairs to think about, and that's where a lot of retirees who own homes get into trouble. The average homeowner spends 1% to 4% of his or her home's value on standard annual upkeep. Now being a retiree doesn't automatically mean you'll own an aging home. But if yours is on the older side, you should plan on hitting the top end of that range, which could really eat into your limited budget.

Furthermore, while that 1% to 4% range applies to regular maintenance, it doesn't include major repairs that could spring up on you without notice. I'm talking about things like your heating system going kaput or a pipe bursting in your basement -- expenses that could really hurt you financially when your income doesn't allow for too many surprises.

And there lies the danger of owning a home in retirement: You just don't know what to expect. And while renting certainly isn't without risk -- you could see your rent go up from year to year or find yourself suddenly on the hunt for a new home when your landlord unexpectedly decides to sell -- when you rent, you lock yourself into a fixed cost for the duration of your lease. Sign a series of long-term, affordable leases, and you eliminate much of the worry that comes with owning.

Ultimately, the decision to own a home during retirement boils down to how much risk you're willing to take on. If you love your home, adore your neighborhood, and don't want to deal with the hassle and uncertainly of renting, then by all means, stay in your home. Just make sure you have a decent chunk of savings -- both emergency and otherwise -- to protect yourself from the various unknowns involved.

For more information on apartments in Greenville, SC contact Abberly Market Point.

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NWI.com


Why Should You Move to Greenville, SC?

Why Should You Move to Greenville, SC?

Joseph Coupal - Tuesday, July 10, 2018

Abberly Market Point, Greenville, SCLocated in the northwest region of South Carolina, Greenville offers many unique attractions. Great museums, we have it; great music scene, live events, and festivals –check; beautiful parks, outdoor activities, family-friendly destinations – many.

Downtown Greenville, SC

It’s hard to describe Downtown Greenville in a few words. Downtown Greenville is full of exciting things to do and see. From restaurants, nightlife, theater and museums, there’s just always something to do here. Downtown Greenville is the Upstate’s most popular destination for shopping, dining, and entertainment. And it’s living up to its name because it has received a lot of recognitions and award from various national publications over the years: Top 10 Best Downtowns in the country (Livability); Top 10 Fastest Growing Cities in the U.S. (CNN Money); 3rd Strongest Job Market, 2010 (Bloomberg); 13th Best City for Young Professionals (Forbes).

Greenville SC’s downtown is the perfect place to soak up the excitement because day and night, the city center buzzes with energy and opportunities. Dowtown Greenville offers wide sidewalks, streetside dining, outdoor plazas, pedestrian-friendly atmosphere, lush tree-lined Main Street, gorgeous Falls Park where you can see the award-winning Liberty Bridge, and more.

Here you will find locals, downtown Greenville residents, and visitors among a multitude of restaurants, shops, performance venues, museums, and galleries.

Strong Economy

Home to a diverse range of business and industry, Greenville County has grown into a large and diverse metropolitan area and considered to be the ‘economic engine of South Carolina’.

Greenville market may be considered a medium-sized market, but it has more corporate headquarters than any other region in the state. We have Fortune 500 companies including 3M, Lockheed, and GE. Businesses are drawn to Greenville because of low tax rates, market accessibility, and excellent workforce.

As further proof of Greenville’s strong economic growth, Greenville County has produced 8,940 new jobs and over $1.2 Billion in new capital investment in the last five years.

For more information on apartments in Greenville, SC contact Abberly Market Point.

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greatergreenvilleareahomes.com


Strip Steak With Rosemary Butter for the 4th!

Strip Steak With Rosemary Butter for the 4th!

Joseph Coupal - Tuesday, July 03, 2018

Abberly Market Point, Greenville, SCAre you having a BBQ at your apartments in Greenville, SC for the Fourth of July? If so, try out this great recipe from Southern Living.

Strip Steak with Rosemary Butter is a great option for smaller 4th of July celebrations. After all, you don’t want to be tied to the grill all night. Seasoned strip steaks hot off the grill pair perfectly with rosemary and lemon-infused butter. Our recipe makes four servings, but adjust to suit your guest list. Top each steak with Rosemary Butter and serve with a fresh cucumber salad and oven-roasted potatoes. Lemon rind gives the Rosemary Butter a fresh flavor that pairs wonderfully with the steaks. This recipe might look time consuming on first glance but, with just 15 minutes of prep time and 8 minutes at the grill, it will come together quicker than you think.

Ingredients

  • 1/2 cup butter, softened
  • 1 tablespoon fresh rosemary
  • 2 teaspoons grated lemon rind, divided
  • Salt and pepper to taste
  • 1 tablespoon dried Italian seasoning
  • 1 1/2 tablespoons olive oil
  • 2 garlic cloves, minced
  • 1 teaspoon pepper
  • 1/2 teaspoon salt
  • 4 (6-oz.) beef strip steaks (1/2 inch thick)

How to Make It

Step 1

Stir together butter, rosemary, 1 tsp. grated lemon rind, and salt and pepper to taste. Cover and chill until ready to serve.

Step 2

Combine Italian seasoning and next 4 ingredients in a small bowl. Stir in remaining 1 tsp. lemon rind. Rub mixture over steaks. Cover and chill 1 hour.

Step 3

Grill steaks, covered with grill lid, over medium-high heat (350° to 400°) 3 to 4 minutes on each side or to desired degree of doneness. Serve with butter.

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Southern Living - Image and Recipe


Reasons to Move to a Small City

Reasons to Move to a Small City

Joseph Coupal - Tuesday, June 26, 2018

Abberly Market Point, Greenville, SCHere's why choosing a small city is one you won't regret.

As bittersweet as it is to pack up and drive away one last time, remember that the world is your oyster. While some of your friends might be flocking to massive metropolises to start their post-college lives and careers, big cities aren’t the only option — and thank goodness for that!

Small cities have so much to offer every resident, but they’re especially well-suited to young people and new graduates. Here are 10 reasons moving to a small city after college is a choice you won't regret.

1. Less job competition.

Let’s start with one of the biggies: smaller cities make for less competition when it comes to lining up your dream job. This can also equate to better job security once you’ve landed the role you want. Plenty of major cities certainly have lots of career opportunities, but bustling urban centers aren't the only place to climb the ladder. In many cases, a smaller city is the ideal spot to start building your career — fewer people are vying for the same jobs, networking is easier, and there's often a general feeling of inclusivity and support in the professional community that you don't find in bigger cities.

2. More work-life balance.

When you land that dream job, you might find that a smaller city affords you more time, money and energy for a healthy work-life balance. Living in a big city with higher expenses and a culture that prizes overworking can mean tough compromises. In a smaller city, you’re a lot less likely to have to decide between making enough money for anything more than just squeaking by, and having enough downtime to pursue hobbies or spend time with friends.

3. A creative community.

Creative types thrive in small cities for a variety of reasons: cost of living is lower, it’s easier to find studio space, and the creative communities in small cities tend to be more collaborative than what you’d find in NYC, LA or Miami. Another bonus of all this creative energy? Even if you’re not drawn to creative pursuits yourself, you’ll benefit from all the coffee shops, boutiques, galleries and murals the artsy crowd brings along with them.

4. More affordable rent.

Compare your rent in a small (but still very cool!) city to the rent your friends in Manhattan are paying. Need we say more?

5. No sharing your favorite bar with a wall-to-wall crowd.

The same goes for your favorite cafe, yoga studio, or hole-in-the-wall dinner spot. Instead, you’ll be greeted by the same few regulars who know your name.

6. You can take a community leadership role.

You’re in a smaller pond in a small city. If you want to make a positive change in your community, your actions will have a bigger impact. The same goes for making a name for yourself in a local organization or city government, or even creating a whole new club or community group from scratch. Your actions have real power, and the possibilities are limitless.

7. Smaller clubs and groups.

If you want to explore a hobby (which is a great way to find new friends after college), you’ll benefit from more intimate gatherings with smaller groups. Whether your jam is a book club, a local sport or a church community, less crowded meetups will enable you to make connections faster and dive deeper into what you care about.

8. Hidden gems galore.

Quirky local joints, bizarre community traditions, and hidden gems are the hallmarks of small cities. Whether it’s a perfectly tucked-away dive bar or your neighborhood’s annual apple-bobbing contest, each discovery gives your city special character that you can’t find anywhere else.

9. New friends around every corner.

Large cities have high turnover. Transplants often stay for just a short amount of time before moving on to another metropolis, and the ones who stay are at risk of becoming jaded beyond their years. In a small city, your new friends are likely to stick around for more than a few months, which gives you a chance to build a tight-knit, enduring community for yourself. Making friends after college can be tough. Living in a small city makes it easier.

10. A more zen morning commute.

Cheers to less crowded public transit, shorter drives and more peaceful biking and walking paths.

For more information on apartments in Greenville, SC contact Abberly Market Point.

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Liveability


Greenville, SC is a "Best Small City Destination"

Greenville, SC is a "Best Small City Destination"

Joseph Coupal - Tuesday, June 19, 2018

Abberly Market Point, Greenville, SCThe readers of Conde Nast’s Traveler magazine, one of the most highly-regarded and awarded travel magazines in the country, have chosen Greenville as the No. 3 Small City Destination in the country.

The magazine, which has won 25 National Magazine Awards and has a circulation of around 800,000, received hundreds of thousands of votes for their annual Big City and Small City categories, and Greenville came in behind only Aspen, Colo. at No. 2 and another South Carolina city, Charleston, at No. 1. This is Greenville’s first appearance on the Reader’s Choice list, though Charleston has appeared on it since 1993 and was voted the No. 1 City in the World in 2016.

Greenville’s entry reads as follows:

“Want to get in on a secret? Plan a trip to Greenville now and you might see it just on the cusp of stardom. The up-and-coming food lover’s town is getting its own outpost of Sean Brock’s Husk and its first food hall in late-2017, and its farm-to-table scene is rising to the ranks of Asheville (try Jianna for Italian and Vault & Vator, the city’s first speakeasy, after). Walk off your food coma across the 32-acre Falls Park that runs through the middle of town before going back for seconds.”

For more information on apartments in Greenville, SC contact Abberly Market Point.

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greenvillejournal.com


In South Carolina it is Cheaper to Rent

In South Carolina it is Cheaper to Rent

Joseph Coupal - Tuesday, June 12, 2018

Abberly Market Point, Greenville, SCOwning a home is often considered the American dream — and it's an expensive one. Homeowners in all 50 states and Washington, D.C., pay from 33% to 93% more for housing each month than do renters living in the same state.

But many homeowners reap benefits that you can't get from renting, such as financial security and stability, tax deductions, and a vehicle for retirement savings. 

While renting can't offer those long-term financial benefits, the study found that it's cheaper to rent on a month-to-month basis. If you're wondering how to save money for a down payment, renting can help you build that nest egg. However, in extremely expensive or competitive markets renting might be better for the long haul.

To determine the monthly homeownership premium — the additional cost of owning instead of renting, expressed as a percentage — NerdWallet compared 2015 American Community Survey data from the U.S. Census Bureau for the median gross rent and median homeownership cost in each state and Washington, D.C. Median gross rent includes the costs of monthly rent and utilities for all kinds of rental properties, and median homeownership cost includes monthly mortgage payments, real estate taxes, insurance and utilities.

This comparison doesn't include the down payment required to buy a home, which is traditionally 20% of the home price for conventional mortgages.

Key takeaways

Owning is more expensive everywhere. Across all 50 states and Washington, D.C., it costs more each month to own a home than to rent. The median cost people pay nationwide to own a home is 54% more than the median cost of monthly rent.

In some states, the cost of owning far eclipses renting.

In South Carolina it costs 43% more to own vs. rent each month!

For more information on apartments in Greenville, SC, contact Abberly Market Point.

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Nerdwallet.com


Reasons to Move to Greenville, SC

Reasons to Move to Greenville, SC

Joseph Coupal - Tuesday, June 05, 2018

Abberly Market Point, Greenville, SCGreenville offers all the benefits of a big city, without the inconveniences common to major metropolitan areas

Located in the foothills of the picturesque Blue Ridge Mountains – and more or less equidistant between Charlotte and Atlanta – Greenville, S.C., has been lauded for everything from its quality of life to its impressive economic growth and potential to become “the knowledge economy’s next big thing.”

Though Greenville may seem like an overnight sensation, the city’s success has been decades in the making. It embraced walkability and the use of ample green space years before it became fashionable to do so. And longtime mayor Knox White credits the bold makeover of the city’s downtown as a key factor in helping to attract marquee multinationals to the area (think: Michelin’s headquarters in 1988, and BMW in 1994), which paved the way for other businesses to establish or expand manufacturing operations across the state.

Following are great reasons why people have been moving to Greenville, a city with a healthy mix of places to go and things to do.

Falls Park

Falls Park on the Reedy has been described as “an oasis within the city” – a postcard-perfect downtown park that features trails, landscaped gardens, scenic overlooks, waterfalls and the “floating” Liberty Bridge, a pedestrian suspension bridge that draws visitors from the nearby restaurants and stores on Main Street. The Swamp Rabbit Trail is a 17.5-mile multi-use greenway that winds along the Reedy River and connects Falls Park with area schools and businesses.

West End Historic District

Adjacent to Falls Park is the West End Historic District, part of a neighborhood that dates back to the 1830s, one once dominated by textile mills, warehouses and factories. Today, West End is known as the arts and entertainment center of the city, and has a dozen restaurants and an array of shops and boutiques.

Fluor Field

One of the most popular entertainment destinations in the city is Fluor Field, home of the Greenville Drive, the Class A affiliate of Major League Baseball’s Boston Red Sox. Most notably, the stadium is modeled after Boston’s Fenway Park and features its own “Green Monster,” a 30-foot-high wall in left field that includes an old-fashioned manual scoreboard.

Shoeless Joe Jackson Museum

A Saturday visit to Fluor Field isn’t complete without a stroll across the street to the Shoeless Joe Jackson Museum and Library (free, but open just one day a week), which is located in the home where the infamous professional baseball player lived and died. The nonprofit museum displays photographs and artifacts associated with Shoeless Joe, a lifetime .356 hitter who was banned from baseball along with seven other Chicago White Sox players after being accused of fixing the 1919 World Series, this despite the fact that he hit .375 in the Series.

History and the Arts

Greenville is home to an eclectic mix of museums that one might only expect to find in a city many times its size. To name but three, consider: the Greenville County Museum of Art, which features the world’s largest public collection of watercolors by Andrew Wyeth; the Bob Jones University Museum & Gallery, which displays Old Masters like Rubens, van Dyck, Tintoretto and Cranach; and the Museum and Library of Confederate History, which houses countless artifacts from the 1860s, and has a research library and documents room that includes Confederate currency and newspapers from the period.

The Peace Center

The city’s cultural centerpiece is the Peace Center, a multi-use performing arts venue that includes a 2,100-seat concert hall and a 400-seat theater. The center hosts events including classical, jazz, country, bluegrass, folk, pop and rock concerts, as well as comedy acts and Broadway shows. Resident companies include the Carolina Ballet Theatre, Greenville Chorale and the Greenville Symphony Orchestra, among others.

Furman University

No discussion of Greenville would be complete without mention of Furman University, one of the country’s premier private liberal arts colleges, which has a Division I athletic program that has produced top-flight PGA and LPGA Tour pros, as well as Clint Dempsey, who stars for the U.S. national soccer team. The magnificent campus is well worth a tour, having been designed by the same Boston firm that restored Colonial Williamsburg.

For more information on apartments in Greenville, SC contact Abberly Market Point.

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livability.com


Downsizing and Renting Is Often Upgrading

Downsizing and Renting Is Often Upgrading

Joseph Coupal - Wednesday, May 30, 2018

Abberly Market Point, Greenville, SCPick up a design magazine or scan the real estate section of the local newspaper and you’ll probably find something about downsizing. But the word means different things to different people. Downsizing often means moving into smaller, less expensive spaces, but some people are trading up and starting over.

However, according to the US Census, more than half of homeowners in the 55-to-64 age group are not buying new properties — luxury or otherwise. Some of them are staying where they are, but a growing number are selling their homes and moving into rentals like apartments in Greenville, SC.

We have found a sharp swing toward moving to rental apartments compared to homeownership among the 55-plus population. During 2000, just over half (52.5 percent) of older recent movers moved to a rental. This proportion rose to 63 percent by the end of 2015.

Regardless of whether they are looking to buy or to rent, downsizers are a highly visible group these days.

Whether downsizers sell and buy or sell and rent, there is one tax advantage, a “big one”.

US tax law generally allows an individual seller “to exclude from federal taxes the first $250,000 of gain on the sale of a primary residence ($500,000 for married couples filing jointly) that has been occupied for at least two of the five years preceding the sale”.

This can be a big windfall for people who are selling in anticipation of retirement. Also, the aforementioned rule applies to the house sale, no matter if a cheaper or more expensive home is acquired to replace the sold residence or if no replacement is made, e.g., the homeowner moves to a rental.

Retirees can trade space for the lifestyle. Once you get to a certain point in your life, it becomes apparent what spaces — and stuff — you use and need.

For more information on 2 bedroom apartments in Greenville, SC, contact Abberly Market Point.

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Boston Globe


Reasons for Renting in Retirement

Reasons for Renting in Retirement

Joseph Coupal - Wednesday, May 23, 2018

Abberly Market Point, Greenville, SCHomeownership and retirement don't always mesh. Here's why you might consider renting as a senior instead.

Though owning a home has long been hailed as the American Dream, that's not necessarily the case when it comes to retirement. Since 1990, homeownership has declined among 55-64 year-olds, and experts expect this trend to continue in the coming years.

Before you prepare to live out your senior years as a homeowner, here are a few reasons to consider renting instead.

1. Your housing costs will be fixed

The problem with homeownership is that even in the absence of a mortgage payment, you still face countless unknown costs. Your property taxes, for example, could go up significantly if you have a year when your home is reassessed. Similarly, as your home ages, your regular maintenance costs could easily go from manageable to downright astronomical.

Consider this: The typical homeowner spends anywhere from 1% to 4% of his or her home's value on annual upkeep. If you're dealing with, say, a $500,000 property, that's a pretty huge range, but you can't discount the possibility of creeping toward its high end as you make your way through retirement.

Then there are repairs to consider -- problems that aren't expected, but rather pop up suddenly and constitute a huge financial burden. Do you really want to deal with those when you're on a fixed income?

When you rent a home, you're locked into the same monthly payment regardless of whether the roof starts to leak or the heater needs repairs. If the local lawn service raises its rates one year to cut the grass, that's not your problem. Of course, the downside of renting is that your landlord could raise your monthly payments once your lease expires -- but if that happens, you could always find a new home or try to negotiate.

2. Owning may not help much from a tax perspective

One benefit of being a homeowner is getting to deduct the interest on your mortgage, thus saving you money on taxes. But if you're coming into retirement mortgage-free, which is the case for the majority of homeowners 65 and over, then that benefit no longer exists.

Furthermore, it used to be the case that you could deduct your property taxes in full, and as we all know, those apply even once your mortgage is paid off. But as part of the recent tax changes that took effect this year, the state and local tax (SALT) deduction, which property taxes are part of, is now capped at $10,000. This means that if you live in a state with high taxes, you might lose the bulk of that write-off (at least for the next seven years), thus making homeownership a less appealing prospect.

3. You'll get more flexibility

The beauty of being retired is not being tied to a job, or that job's location. This means that if you want to pick up and move to a state with warmer weather or get closer to your grandchildren, you're free to do so -- provided your home isn't holding you back.

As a renter, you have the option to leave your home once your lease ends, or, in many cases, break your lease prematurely with a reasonable bit of notice. Selling a home, by contrast, could take months, and there are numerous expenses you might encounter along the way. You may therefore be better off unloading your home prior to retirement and buying yourself that added leeway later in life.

Now this isn't to say that renting a home in retirement is always the right move. At the same time, it pays to think about the benefits of renting at a time in your life when you're no longer bringing home a steady paycheck.

For more information on apartments in Greenville, SC contact Abberly Market Point.

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The Motley Fool


A Best Place to Live in South Carolina is Greenville

A Best Place to Live in South Carolina is Greenville

Joseph Coupal - Tuesday, May 15, 2018

Abberly Market Point, Greenville, SCTropical beaches and sea islands, South Carolina lies in the southeast of the United States and has a whole host of darling towns and villages to explore.

Hilton Head Island, infamous Myrtle Beach and of course Charleston, home to Fort Sumter; the list of reasons to love little old SC goes on and on! This state once thrived on agriculture and natural resources but in more modern times there is a big industry for steel and machinery production, meaning jobs are in no short supply.

Talking about jobs, what other factors do we need to take into consideration when seeking a new place to live?

Some would say access to public schools, others would say cost of living, some would have a strong focus on seeking a town with the lowest crime rates. In reality, it is all these factors, and a few more, that we think about when searching for a new abode.

We appreciate that finding all that information in one place can be quite a challenge so we have risen to the occasion and created our list of the 15 best places to live in South Carolina, taking into account all the facts, figures and statistics that are important to you!

15. Greenville, SC

Once again we return back to earth and land in Greenville. We have discussed suburbs of this thriving city already and although coming in 15th on our list, Greenville is certainly worthy of its place here.

Rent in Greenville is phenomenally affordable, averaging $765 a month. Being this low means that many tenants will find themselves being able to rent bigger, more modern homes than they would elsewhere in the state.

Being a city you have access to all the social opportunities you could wish for, you’re never too far from a hipster bar, trendy workout class or art exhibition to keep your mind ticking over.

For more information on apartments in Greenville, SC contact Abberly Market Point.

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thecrazytourist.com